FEDAI Rules- Rule 4, Merchanting Trade RULE 4-Merchanting trade Banks will make remittances or open letter of credit in favour of the overseas suppliers provided an advance remittance for the full value or an irrevocable letter of credit for the full value has been received/ opened in favour of the merchanting trader who is not a more financial intermediary. Back-to-back letter will be treated as separate transaction and commission as per Rule 3 II.C. shall be charged to the customer. The banks are allowed to fix Forward Purchase Contract if so desired by the merchant for the difference period of receipt of the proceeds of the on-sale. If foreign currency remittance are received in advance from the overseas buyer, the banks may at the specific request of merchanting trade customer hold the foreign currency funds in their Nostro account without converting the amount into Indian Rupee till the date of payment to the overseas supplier. Bank shall not apply buying and selling rates of exchange. Commission at 0.25% shall not pay interest on such advance remittances or grant Rupee advances against foreign currency funds thus received.
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 19-10-2021 Exports up 40.54% on-year in first fortnight of October Date: 19-10-2021 Rupee settles 9 paise lower at 75.35 against USD Date: 19-10-2021 Agri Picks Report: Geojit Date: 19-10-2021 Oilmeal exports down 36% in Sep 2021: SEA Date: 19-10-2021 Agri exports up 18% to $10 billion in H1 Date: 14-10-2021 SME PayPal,IIFT to help MSME exporters tap into cross-border trade opportunity with training,support Date: 14-10-2021 India-China trade on course to touch record $100 billion-mark Date: 14-10-2021 Govt scraps basic customs duty, cuts agri cess on crude palm, soyabean and sunflower oil Date: 14-10-2021 India cuts import duty on cooking oils Date: 14-10-2021 Agri Picks Report: Geojit What is New? Date: 30-10-2021 Notification No. 78/2021-Customs (N.T.) Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018. Date: 13-10-2021 Notification No. 48/2021-Customs Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022 Date: 13-10-2021 Notification No. 49/2021-Customs Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022 Date: 07-10-2021 Notification No.80/2021 - Customs (N.T.) Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021. Date: 07-10-2021 Notification No. 35/2015-2020 Relaxation in Export Policy of Red Sanders Wood - regarding Date: 06-10-2021 Public Notice No. 21/2015-20 Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi - reg. Date: 05-10-2021 Instruction No. 21/2021-Customs Submission of Intimation of Arrest Report & Incident Report. Date: 04-10-2021 Notification No. 34/2015-2020 – DGFT Amendment in Export Policy of Syringes and incorporation of Policy Condition. Date: 04-10-2021 Public Notice No. 27/2015-2020-DGFT Allocation of quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22 Date: 04-10-2021 Notification No. 59/2021-Customs (ADD) seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subejct goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.
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